Two former Parramatta Eels players are accused of harbouring semi-automatic weapons and possessing more than half-a-million dollars in cash after dramatic arrests in Sydney's Centennial Park yesterday.

The 2014 Melbourne Cup carnival generated a record $194.9 million value-added contribution to Victoria's gross state product, with the number of out-of-state visits rising by seven per cent.

The inclusion of Japanese runners, among 31 international horses from five countries, helped lift visitation from Asia.

Ms Elliott said the four-day Melbourne Cup carnival is front of mind for people in racing around the world.

"Internationally and certainly now in Sydney everyone in the racing world regards Flemington and the Melbourne Cup carnival as the event they all aspire to and want to have and they're all making big investments to achieve that aim."

Ms Elliott said the NSW government was supporting the Sydney autumn racing carnival to the tune of $10 million and putting more funds into thoroughbred racing.